By  on March 13, 2018

MILAN — Safilo Group SpA Tuesday reported a net loss of 47.1 million euros last year, compared with a net profit of 15.4 million euros in 2016, due to the lingering effects of the loss of its lucrative Gucci license and delivery delays caused by its new order-to-cash IT system in its Padua, Italy warehouse.

The group’s net loss, as well as its earnings before interest and taxes and earnings before interest, taxes, depreciation and amortization figures, were adjusted to exclude an 192 million euro impairment charge on the goodwill allocated to the group’s cash generating units, as well as nonrecurring costs of 15.3 million euros related to the reorganization of the Ormuz plant in Slovenia and cost-saving and restructuring initiatives. The group’s unadjusted net loss totaled 251.6 million euros in 2017 compared to a 142.1 million euros in 2016.

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